§ 1251u. Termination of custodianship
The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor’s estate upon the earlier of: (1) the minor’s attainment of 18 years of age with respect to custodial property transferred under section 1251d, 1251e, 1251f or 1251g; or (2) the minor’s death.
§ 1251v. Applicability
This chapter applies to a transfer within the scope of section 1251c made after its effective date if: (1) the transfer purports to have been made under title 16, chapter 61, Virgin Islands Code (the Virgin Islands Uniform Gifts to Minors Act); or (2) the instrument by which the transfer purports to have been made […]
§ 1251w. Effect on existing custodianship
(a) Any transfer of custodial property as now defined in this chapter made before the effective date of this chapter is validated notwithstanding that there was no specific authority in the Virgin Islands Uniform Gifts to Minors Act for the coverage of custodial property of that kind or for a transfer from that source at […]
§ 1251n. Powers of custodian
(a) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. (b) This section does not relieve a custodian from liability for breach of section […]
§ 1251o. Use of custodial property
(a) A custodian may deliver or pay to the minor or expend for the minor’s benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to (1) the duty or ability of the custodian personally or of any other […]
§ 1251i. Receipt for custodial property
A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this chapter.
§ 1251j. Manner of creating custodial property and effecting transfer; designation of initial custodian; control
(a) Custodial property is created and a transfer is made whenever: (1) an uncertificated security or a certificated security in registered form is either: (A) registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: “as custodian for ____ (name of minor) […]
§ 1251k. Single custodianship
A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this chapter by the same custodian for the benefit of the same minor constitutes a single custodianship.
§ 1251l. Validity and effect of transfer
(a) The validity of a transfer made in a manner prescribed in this chapter is not affected by: (1) failure of the transferor to comply with section 1251j, subsection (c) of this chapter concerning possession and control; (2) designation of an ineligible custodian, except designation of the transferor in the case of property for which […]
§ 1251m. Care of custodial property
(a) A custodian shall: (1) take control of custodial property; (2) register or record title to custodial property if appropriate; and (3) collect, hold, manage, invest, and reinvest custodial property. (b) In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property […]